Cairo – Mubasher: The board of Emaar Misr for Development approved cancelling 90 million treasury shares, according to a bourse filing on Monday.

The extraordinary general meeting is expected to look into the company’s issued capital cut to EGP 4.53 billion from EGP 4.62 billion, along with the financial disclosure and the amendments of articles no. six and seven.

Currently, the company operates with an issued capital of EGP 4.62 billion distributed over 4.62 billion shares at EGP 1 each.

The stock quote rose by 6.67% to EGP 2.56 by 11:29am Cairo after 6.82 million shares were traded at EGP 17.44 million.